Chinese miners continue to look for sites abroad

More and more Chinese miners are exploring other regions to which they could move their operations amid growing uncertainty about the future of the mining industry in China. Although the Chinese government has not yet confirmed that under the cryptocurrency of repression will fall and miners, many of them are already planning to relocate their business to other countries.
Last it was reported that state-owned energy company in Sichuan province will begin to fight with the bitcoin mining. The company has denied this information, stating that the document is a domestic paper company. Supposedly it referred only to an inadequate allocation of hydropower to mining companies and rural areas of the province during the drought.
Because of this, many miners began to look for other places to host the capacity to reduce its dependence on further regulation from the Chinese state.
Chinese miner Tsui Akira (Akira Cui) recently said in an interview with the South China Morning Post that many miners have already visited Vietnam, Laos, Thailand, Russia and the U.S., discussing energy prices with the local authorities and buying sites for future use. Tsui argues that "mining must go abroad, if there is a probability of at least one percent that the prohibitions of the government will apply to him."
Edition South China Morning Post says that he tried to contact four large mining companies, and Cui was the only one who answered them. The representatives of this industry rarely talk to the media, because many miners to enter into private deals with local energy companies who disappear from high ranking officials and agencies.
"Nobody talks about it because it is best not to advertise it," said Tsui.
He claims that he took up bitcoin mining in 2013 after selling his previous web company for 30 million yuan (about 4.5 million). Tsui initially invested about 5-6 million yuan ($800,000) in mining hardware, and now have expanded to 100 000 cars.
Cui noted that 90% of its equipment belongs to friends and clients, for which he supports his work. "To engage in mining at home is very inconvenient. Instead, customers can put equipment in my shop, paying rent and remotely controlling them," says Tsui.
He said that to provide a reliable source of energy is a major challenge for large miners. Each machine can generate bitcoins for about 100 yuan (15 dollars) a day, that is, financial losses arising from and idle equipment can be significant. Thus, many miners are striving to prevent the prohibitions from the Chinese government and plan to move abroad.
"We are negotiating with partners in Los Angeles, and also visited Russia and Vietnam," says Tsui. "If regulators ban our activities, we will need about three months to resume operations abroad. The money spent on the purchase of land is a relatively small amount compared to all the others."
Curious remark Tsui that the ban on cryptocurrencies in China may eventually become a positive for the bitcoin community as a whole. He argues that the dominance of China in the market of bitcoin in recent years has undermined the decentralization of cryptocurrency. She said:
"It is important that bitcoin has reduced its dependence on China, then he will become stronger, as has already been proven the latest price jump".
Tsui also believes that the Chinese ban on cryptocurrency exchanges will lead to better decentralization. He noted that "international exchange is an abnormal phenomenon, any centralized institution contradicts the nature of cryptocurrency".